Progressive (NYSE:PGR) PT Raised to $290.00

Progressive (NYSE:PGR) had its target price lifted by Roth Mkm from $270.00 to $290.00 in a research report report published on Monday morning, Benzinga reports. Roth Mkm currently has a buy rating on the insurance provider’s stock.

PGR has been the subject of several other reports. Bank of America boosted their price target on shares of Progressive from $294.00 to $312.00 and gave the stock a buy rating in a research note on Tuesday, September 3rd. Wells Fargo & Company increased their price objective on Progressive from $281.00 to $282.00 and gave the stock an overweight rating in a report on Tuesday, September 10th. Jefferies Financial Group raised their price objective on shares of Progressive from $256.00 to $257.00 and gave the company a buy rating in a research note on Wednesday, July 17th. Hsbc Global Res raised Progressive from a hold rating to a strong-buy rating in a research report on Monday, August 12th. Finally, The Goldman Sachs Group upgraded shares of Progressive from a neutral rating to a buy rating and increased their price objective for the stock from $230.00 to $262.00 in a research note on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $257.18.

Progressive Trading Down 1.0 %

Shares of PGR stock opened at $255.17 on Monday. Progressive has a 1 year low of $137.59 and a 1 year high of $260.46. The company’s fifty day simple moving average is $233.24 and its two-hundred day simple moving average is $216.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The stock has a market capitalization of $149.45 billion, a price-to-earnings ratio of 26.12, a PEG ratio of 0.82 and a beta of 0.35.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 16th. The insurance provider reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.61. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.54 billion. Progressive had a net margin of 10.17% and a return on equity of 33.01%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. As a group, analysts anticipate that Progressive will post 12.29 earnings per share for the current year.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Thursday, October 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. The ex-dividend date of this dividend is Thursday, October 3rd. Progressive’s dividend payout ratio is currently 4.09%.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $214.01, for a total value of $9,281,827.71. Following the transaction, the chief executive officer now owns 517,105 shares of the company’s stock, valued at $110,665,641.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Susan Patricia Griffith sold 43,371 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $214.01, for a total transaction of $9,281,827.71. Following the transaction, the chief executive officer now directly owns 517,105 shares in the company, valued at $110,665,641.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 3,050 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $209.81, for a total transaction of $639,920.50. Following the completion of the transaction, the insider now directly owns 32,453 shares of the company’s stock, valued at approximately $6,808,963.93. The disclosure for this sale can be found here. Insiders sold a total of 146,704 shares of company stock valued at $33,367,408 in the last three months. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On Progressive

A number of large investors have recently made changes to their positions in the business. Sachetta LLC acquired a new stake in Progressive in the fourth quarter worth about $25,000. Northwest Bank & Trust Co purchased a new position in shares of Progressive in the fourth quarter worth $25,000. WR Wealth Planners LLC increased its position in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares during the period. Indiana Trust & Investment Management CO acquired a new position in shares of Progressive in the first quarter valued at about $32,000. Finally, Hilltop National Bank raised its stake in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.